How Tech Startups Can Navigate Funding Challenge – Aboyeji

How Tech Startups Can Navigate Funding Challenge -Aboyeji

Iyinoluwa Aboyeji, the co-founder of Flutterwave and Andela, has advised startups in Africa to channel their energies on products and the building of their businesses. This, he said would help them navigate the funding challenge in the tech ecosystem.

In an interview cited by BizWatch Nigeria, where Aboyeji made this recommendation, the highly-revered tech entrepreneur noted that instead of startups focusing on funding, they should rather tailor their products to soothe their customers’ needs, such that they are satisfied.

His words: “Startups should be more focused on products and building their business. It is very important and the starting point. There was an industry before the funding came, so I do not think the lack of funding will stop the industry. Yes, we have had quite a bit of funding in the last couple of years.

“It is important that startups focus on products, and their customers during this period, rather than chasing after funding. I do not think that is the right approach for now, given the funding environment.

“During COVID, we had a pull-back in capital and things still continued. I don’t think it is as doomy-like as people are making it seem.

“I expect the challenges with the global market to get worse, so we might still have a significant uptake in labour action as we have seen with some startups. This is one of the reasons to focus on the real business that is sustainable, has the potential to make a decent profit, and so on. Without that, there is no business.”

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